Pandemic Boosts Canadian Real Estate
Friday Dec 11th, 2020
The Canadian real estate market is hot. And the heat is spreading far beyond big cities. Home prices are up about 10 percent this year - double the long-term average.
To the end of September, year-over-year home prices in recreational property markets soared, driven by “Canadians’ ability to work remotely. The aggregate price of a single-family home in the recreational market rose 11.5 percent to $453,046. The aggregate price of a waterfront property increased 13.5 percent to $498,111.
Questions about a home’s internet are now a priority, and that more than half of new buyers are looking at recreational properties as full-time homes. Analysts say some of the increase is pent-up demand from the spring lockdown that paralyzed real estate.
Realtors don’t see the trend letting up — it’s forecasting demand and prices for recreational properties will keep increasing in the new year.